Russia’s Sberbank 2022 net profit falls 75.7% to 300 billion rubles By Reuters

(Reuters) – Russia’s biggest lender Sberbank said on Tuesday its net profit fell 75.7% on-year to 300.2 billion rubles ($4.4 billion) in 2022 as Western sanctions on Ukraine hit the sector. national bank.

The bank, however, posted a 40.1% year-on-year rise in profit by Russian standards in December, as it returned to profitability in the second half of the year.

Sberbank exited almost all European markets in 2022, blaming large cash outflows and threats to its staff and property on Russia’s actions in Ukraine and Western sanctions. It was one of several banks excluded from the SWIFT international payments network, hampering its banking operations abroad.

($1 = 68.45 rubles)